Global Cos. Wave The White Flag On Canadian Oil Sands

Law360, New York (April 5, 2017, 6:00 PM EDT) -- The recent flurry of Canadian oil sands asset sales is the latest sign that the region's development costs are too rich for international oil companies amid stubbornly low oil prices and cheaper opportunities in U.S. shale regions, leaving it mainly up to Canadian companies to keep the development going, experts say.

ConocoPhillips said March 29 that it would sell its stake in an Alberta oil sands partnership along with western Canadian gas assets to Canada oil company Cenovus for $13.3 billion in cash and stock. It...